Property Focus: Why Waterford was voted the best place to live

House hunters had already set their sights on the South East capital before if 'Best Place to Live' title was announced

A key reason for the city’s popularity seems to be the affordability of its housing. 

EVEN before Waterford City was chosen as the winner of this year’s Best Place to Live in Ireland competition, significant numbers of returning emigrants and Dublin buyers had been selecting it as the best place to move to in a pandemic. That’s according to local auctioneers, who say the influx of buyers that started after the first lockdown shows no sign of abating, despite a chronic shortage of properties in the city.

“We get a lot of interest from Dublin buyers and from people returning from the UK and the US. Some have sold houses and are renting until they can find a house,” reveals Deirdre Phelan of Property Partners Phelan Herterich.

She says these buyers choose Waterford because they want the lifestyle they can find in a small city with good amenities, where houses are affordable, and the sea and the mountains are within a short drive.

The reasons given by buyers are almost identical to the ones given for the city’s win in the recent The Irish Times Best Place to Live in Ireland competition.

'The typical price being paid for of a second-hand three-bed last year was between €220,000 and €250,000, now it’s gone above €250,000.' File Picture: Denis Minihane.

A key reason for the city’s popularity seems to be the affordability of its housing and the fact that its three-bed semis are less expensive than in other cities.

While housing affordability is an attraction, housing availability has become a significant difficulty. In the past week, just 120 houses were advertised for sale in a city with a population of over 53,000 and, because properties are selling quickly, many of these are no longer available.

While properties are still more affordable than in other cities, the influx of buyers has increased demand, reduced supply, and put pressure on prices.

“The typical price being paid for of a second-hand three-bed last year was between €220,000 and €250,000, now it’s gone above €250,000,” says John Rohan of Sherry FitzGerald John Rohan.

Michael Coppinger of DNG Reid & Coppinger says there is a shortage of all types of properties and that, as a result, sales are happening quickly, often exceeding the guide prices.

“Three-bed semis can be gone in two weeks,” he says.

While the supply of second-hand properties is low, the city does have several new housing developments under construction, although the supply is insufficient and the ones at the lower end of the market tend to go quickly.

In January, Sherry FitzGerald John Rohan launched a 73-house development at Ormond, Six Cross Road. The 12 three-bed semis in phase one sold quickly, but a second phase with three-bed semis for €285,000 is due within a few weeks.

Property Partners Phelan Herterich has sold five of the six three-bed semis at a new development in Ard Rua, Gracedieu, released last month. One property priced at €320,000 remains and another release is planned later in the year.

At a development of 23 detached houses at Castleview, Williamstown Road, DNG Reid & Coppinger is offering four-bed houses for €645,000 and five-bed ones for €685,000.

At Foxwood, Kilbarry, Frisby Homes has one remaining three-bed semi for €299,950, while at Knightswood in Williamstown it has seven properties left, including four-bed semis for €395,000 and four-bed detached ones for €415,000.

John’s Hill, Waterford €695,000 

Period properties like Lyndhurst, 49 John’s Hill, a five-bed semi dating from the 1900s, are very rare to the market in Waterford City.

According to Michael Coppinger of DNG Reid & Coppinger, it’s the type of house that is often passed from one generation to the next and has been in the hands of the same family for around 100 years.

Quoting a guide of €695,000, he says this spacious, well-maintained family home has many original features including sash windows and leaded stained glass.

On almost a third of an acre and within walking distance of schools and the town centre, “interest is coming from local trade-up buyers, as well as Dublin ones, and returning ex-pats,” says Mr Coppinger.

VERDICT: A property worth holding on to.

Gracedieu, Waterford €320,000 

Waterford City buyers are now being offered a chance to buy the last house in the first phase of Ard Rua in Gracedieu, a three-storey, three-bed semi priced at €320,000.

It’s one of the first six houses in the 44-house development released by Deirdre Phelan of Property Partners Phelan Herterich last month. “These are exceptionally generous sized three-bed semis with 1,540 sq ft of living space, including two living rooms and a playroom, and which have been attracting a lot of attention.” Ms Phelan says that in addition to being spacious new A2 rated homes — they are also well located and have scenic views of Waterford Golf Course across the river. “Ard Rua is within a five-minute walk from the Greenway and a 15-minute one from the city centre.’’ 

VERDICT: Likely to go quickly.

Dunmore Road, Waterford €420,000 

Space, comfort, and a sought-after Dunmore Road address are on offer at 1 Ashling Road, Earlscourt, in Waterford.

Guiding the three-bed 1,520sq ft detached house at €420,000, selling agent Sherry FitzGerald John Rohan says the house was fully renovated and redecorated last year. and now has triple glazing, a new boiler and a modern new kitchen. Mr Rohan says the house has been comprehensively upgraded and is in turn-key condition.

“Set in a mature residential area on the sought-after Dunmore Road, it’s located close to Waterford University Hospital, Ardkeen Stores and Tesco, and is within walking distance of local schools and amenities,” he says, and Waterford city centre is within a short drive.

VERDICT: Returning ex-pats, relocators from Dublin, and local trade-up buyers are expected to view.

Old Tramore Road, Waterford €239,000 

This three-bed semi at 45 Bracken Drive, Old Tramore Road in Waterford, is the type of property that is typically selling in just two weeks in the current market.

That’s according to Nicole Shanahan of Barry Murphy auctioneers, who says that affordable three-bed semis are in very short supply in the city. She is expecting a lot of interest in the 1,130 sq ft property, which is new to the market with a guide of €239,000.

“This is a well-presented modern house with a B3 BER rating, which is located in a sought-after development,” says Ms Shanahan, adding that it’s just a seven-minute drive to Waterford city centre, while schools, local shops and amenities are within walking distance.

VERDICT: Expected to appeal very strongly to first-time buyers and also to attract the attention of investors.